Brokerages expect Covenant Transportation Group, Inc. (NASDAQ:CVTI) to report earnings per share of $0.49 for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Covenant Transportation Group’s earnings, with the lowest EPS estimate coming in at $0.48 and the highest estimate coming in at $0.50. Covenant Transportation Group reported earnings per share of $0.08 during the same quarter last year, which indicates a positive year-over-year growth rate of 512.5%. The company is expected to issue its next earnings results on Tuesday, July 24th.
According to Zacks, analysts expect that Covenant Transportation Group will report full year earnings of $1.92 per share for the current fiscal year, with EPS estimates ranging from $1.85 to $2.00. For the next financial year, analysts forecast that the business will post earnings of $2.32 per share, with EPS estimates ranging from $2.20 to $2.40. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Covenant Transportation Group.
Covenant Transportation Group (NASDAQ:CVTI) last released its earnings results on Wednesday, April 25th. The transportation company reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.01. Covenant Transportation Group had a net margin of 8.32% and a return on equity of 7.34%. The company had revenue of $173.57 million for the quarter, compared to analyst estimates of $169.15 million.
Several equities analysts recently commented on CVTI shares. Seaport Global Securities raised shares of Covenant Transportation Group from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Thursday, March 15th. ValuEngine raised shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a report on Thursday, March 15th. Stifel Nicolaus started coverage on shares of Covenant Transportation Group in a report on Friday, April 6th. They issued a “hold” rating and a $34.00 price target on the stock. BidaskClub lowered shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a report on Saturday, April 28th. Finally, Zacks Investment Research lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Monday, May 21st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Covenant Transportation Group currently has an average rating of “Buy” and a consensus price target of $34.60.
In other Covenant Transportation Group news, CEO David Ray Parker sold 10,263 shares of the firm’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $32.50, for a total value of $333,547.50. Following the sale, the chief executive officer now owns 114,443 shares of the company’s stock, valued at approximately $3,719,397.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the firm’s stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $34.85, for a total transaction of $104,550.00. Following the completion of the sale, the vice president now directly owns 33,639 shares in the company, valued at approximately $1,172,319.15. The disclosure for this sale can be found here. In the last three months, insiders sold 173,132 shares of company stock worth $5,686,691. Insiders own 35.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Macquarie Group Ltd. grew its holdings in Covenant Transportation Group by 846.5% in the 4th quarter. Macquarie Group Ltd. now owns 37,010 shares of the transportation company’s stock worth $1,063,000 after acquiring an additional 33,100 shares during the last quarter. Citadel Advisors LLC lifted its position in shares of Covenant Transportation Group by 72.8% in the 4th quarter. Citadel Advisors LLC now owns 34,748 shares of the transportation company’s stock worth $998,000 after purchasing an additional 14,638 shares during the period. Millennium Management LLC purchased a new stake in shares of Covenant Transportation Group in the 4th quarter worth about $9,225,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Covenant Transportation Group in the 4th quarter worth about $1,318,000. Finally, TIAA CREF Investment Management LLC lifted its position in shares of Covenant Transportation Group by 51.7% in the 4th quarter. TIAA CREF Investment Management LLC now owns 49,357 shares of the transportation company’s stock worth $1,418,000 after purchasing an additional 16,827 shares during the period. 63.25% of the stock is currently owned by institutional investors and hedge funds.
Covenant Transportation Group opened at $31.50 on Friday, Marketbeat.com reports. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.12 and a current ratio of 2.18. Covenant Transportation Group has a 52 week low of $15.86 and a 52 week high of $35.19. The firm has a market cap of $567.71 million, a P/E ratio of 37.50 and a beta of 1.58.
Covenant Transportation Group Company Profile
Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.
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